By the end of 2024, the release of the Federal Reserve FOMC meeting minutes immediately sparked discussions in the financial circle. The seemingly finalized rate cut decision, however, was accompanied by underlying currents—internal disagreements among officials may have been more intense than many anticipated.

Most intriguing was the rapid reversal in attitude. Many policymakers who previously supported a rate cut admitted in surveys after the meeting that the decision was more of a compromise after weighing the pros and cons; their original intention was actually to continue observing and hold steady for the time being. As soon as the rate cut was implemented, signals were immediately released indicating that maintaining the current interest rate in the short term was more likely. This swift shift highlights how complex the Fed’s internal assessment of the current situation truly is.

However, not everyone is pessimistic. As long as inflation continues to decline toward expectations, most officials believe that further rate cuts are not a big problem. Behind this contradictory stance lies the dilemma faced by the Federal Reserve: on one side, the lurking risk of an economic recession; on the other, the need to guard against persistent inflation.

Interestingly, this is the second consecutive meeting where the Fed has experienced such significant internal divisions. This rare frequency of policy disagreements is indeed uncommon in Fed history. For the cryptocurrency market, this uncertainty in monetary policy directly impacts capital flows—every wobble in the dollar policy could trigger sharp market volatility.

Currently, the Fed is like walking a tightrope, trying to prevent a hard landing while controlling inflation rebound, which is no easy task. This round of operations has already drawn intense market attention, and it remains to be seen how the Fed will further adjust its monetary policy framework.